2018 Project & Infrastructure Finance Awards

The Odebrecht corruption scandal continued to reverberate across Latin America’s project finance market over the past year, halting projects and spurring regulatory change. Bankruptcy woes at Spanish companies also posed challenges for some projects.

But the adversity led to creativity and resourcefulness. The traditional role of Brazilian national development bank BNDES changed. It was no longer the sole funding source in Brazil as issuers opted for local currency infrastructure bonds. Throughout the region, project developers increasingly turned to local currency financing structures.

Other projects were revived after a change in sponsor ownership helped to improve financing opportunities.

Work on Chile’s Cerro Dominador resumed after two years, breathing new life into South America’s only solar-thermal project after the previous sponsor ran into financial difficulties. In Mexico, the gas thermal plant Norte III also stalled before it was rescued by Macquarie.

Emerging markets investor Actis bet big on gas-powered initiatives, acquiring a large portfolio of assets in Mexico through project bonds. In Central America, Colombia’s Celsia issued the largest-ever dollar bond in Panama’s local market, while Petroperú set a new benchmark for Peruvian companies with the country’s first 30-year corporate issuance to finance and expand its Talara refinery.

Mexico City’s new airport trust pushed new boundaries with a sizeable Fibra-E instrument in local currency. In Brazil, gas-powered thermal project CELSE issued an internationally-marketed, real-denominated bond that served as a catalyst for other large projects looking to the capital markets.

Odinsa and El Condor brought first-time investors to Colombia to help finance the Pacifico II 4G toll road, while Brazil’s Entrevias welcomed a new sponsor that turned to the capital markets instead of BNDES.

SMBC again demonstrated its dominance in the project finance market, working on a range of deals from solar projects in Peru to wind in Chile and thermal efforts in Mexico among others. Itaú BBA occupied some of the space left by BNDES while Natixis facilitated thee transformative transactions in Mexico.

Milbank, Clifford Chance, Machado Meyer and Galicia Abogados were all involved in noteworthy deals, navigating a world of changing laws and new rules brought on by the Lava Jato investigation.

Although not on the winners list, projects such as Fisterra’s financing for the Tierra Mojada gas-fired power plant in Mexico and Stoneway’s bond sale in Argentina were also notable deals.

The winning deals recognized in this year’s Project and Infrastructure Awards were selected by LatinFinance’s editorial staff after examining information provided by market participants and publicly available data on the projects. LatinFinance evaluated deals that closed between June 1, 2017 and May 31, 2018.

Winning Deals

The winners of our 2018 Project & Infrastructure Finance Awards were revealed at our Project & Infrastructure Finance Awards Dinner and in the September/October issue of LatinFinance. Click any winner for the full writeup.

Best Local Currency Financing and Best Airport Financing:
New International Airport of Mexico City (NAICM)

Best Port Financing:
Portonave

Best Road Financing:
Entrevias Concessionária de Rodovias

Best Transport Financing:
Lima Metro

Best Renewable Energy Financing and Best Infrastructure Financing-Andes:
Cerro Dominador

Best Power Financing:
Norte III

Best Oil & Gas Financing:
Petroperú

Best Loan:
Pacífico II

Best Bond and Best Infrastructure Financing-Brazil:
CELSE

Best Infrastructure Financing-Central America:
Celsia

Best Infrastructure Financing-Mexico:
Cometa Energía

Best Infrastructure Law Firm-Andes:
Clifford Chance

Best Infrastructure Law Firm-Mexico:
Galicia Abogados

Best Infrastructure Law Firm-Brazil:
Machado Meyer

Best Infrastructure Law Firm-Latin America:
Milbank

Best Infrastructure Bank-Brazil:
Itaú BBA

Best Infrastructure Bank-Mexico:
Natixis

Best Infrastructure Bank-Andes and Best Infrastructure Bank-Latin America:
SMBC

Best Project Sponsor:
Macquarie Capital

Outstanding Deals

The following deals and firms were shortlisted for our 2018 Project & Infrastructure Finance Awards.

Outstanding Local Currency Financing
Porto de Sergipe
Ruta al Mar

Outstanding Airport Financing
Rio Galeao Long-term Financing

Outstanding Port Financing
Tramarsa

Outstanding Road Financing
Ruta al Mar
Pacifico II

Outstanding Transport Financing
GACM

Outstanding Renewable Energy Financing
Reynosa
Jinko Solar

Outstanding Power Financing
Porto de Sergipe
Cometa Energia
Tierra Mojada

Outstanding Oil & Gas Financing
Fermaca

Outstanding Loan
Lima Metro
Norte III

Outstanding Bond
Cometa Energia
Ruta al Mar
Stoneway (honorable mention)

Outstanding Infrastructure Financing-Caribbean
Pecasa
Agua Clara

Outstanding Infrastructure Financing-Central America
Monte Plata Solar Power Plant

Outstanding Infrastructure Financing-Andes
Ruta al Mar
Lima Metro

Outstanding Infrastructure Financing-Brazil
Entrevias
Belo Monte Transmissora de Energia - Bipole I

Outstanding Infrastructure Financing-Mexico
GACM Fibra E
Norte III

Outstanding Infrastructure Law Firm-Andes
Milbank
PPU

Outstanding Infrastructure Law Firm-Mexico
Jones Day
Gonzalez Calvillo

Outstanding Infrastructure Law Firm-Brazil
Mattos Filho
Stocche Forbes

Outstanding Infrastructure Law Firm-Latin America
Clifford Chance
White & Case

Outstanding Infrastructure Bank-Andes
Mizuho
Natixis

Outstanding Infrastructure Bank-Brazil
Goldman Sachs
Santander

Outstanding Infrastructure Bank-Mexico
MUFG
SMBC

Outstanding Infrastructure Bank-Latin America
Natixis
Goldman Sachs

Outstanding Project Sponsor
E Brasil
Actis
Invenergy

Selection Process

Click any of the sections below for full details on the selection process.